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WTI Options Liquidity During Non-U.S. Hours


  • Over 80% of WTI Options (LO) have traded electronically for almost 3 years straight
  • LO volume continues to be driven by spread trading—a record 59% of LO volume was executed via spreads in March 2020
  • A record 21% of WTI Options are being traded overnight YTD in 2020 with ETH ADV at 31k
  • LO ADV traded during London Morning Hours is at 21k YTD, with a record 14% of total ADV executed during this time frame each day

New Expiration Rules for Brent Options


Brent Crude Oil options (BZO) will be auto-exercised with no contrary instructions allowed beginning with the March 2020 contract expiration on NYMEX. The new options expirations rules allow a simpler and more transparent expiration process for traders hedging the volatile crude oil market.

For More Information:    

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LN LNE - LN Natural Gas Option (European) Natural Gas NYMEX 144,049 4,141,054
LO LO - LO Crude Oil Option Crude Oil NYMEX 140,550 2,012,005
LO2 LO2 - LO2 Crude Oil Friday Weekly Option - Week 2 Crude Oil NYMEX 10,622 13,961
LO1 LO1 - LO1 Crude Oil Friday Weekly Option - Week 1 Crude Oil NYMEX 10,243 0
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Option Crude Oil NYMEX 10,200 144,625
ML1 ML1 - ML1 Crude Oil Monday Weekly Option - Week 1 Crude Oil NYMEX 8,173 13,570
G3 G3B - G3 Natural Gas (Henry Hub) Last-day Financial 3 Month Spread Option Natural Gas NYMEX 7,250 187,300
7A B7A - 7A Crude Oil Financial Calendar Spread Option 1 Month Crude Oil NYMEX 6,150 242,840
ON ON - ON Natural Gas Option (American) Natural Gas NYMEX 4,474 65,818
AO AAO - AO WTI Average Price Option Crude Oil NYMEX 3,267 212,055
Trade Date: 01 Mar 2024 | PRELIMINARY

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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